CA Yogesh S. Limaye

Formula One…Whats the Game?

Income Tax - You would be aware that, recently Supreme Court upheld the decision of Delhi High Court in the case of Fomrula One that it does have Permanent Establishment [PE] in India....

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ICDS Permanent Solution to nullify SC Decisions ?

Income Tax - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Sec 269ST– Cash receipt– danger ahead

Income Tax - Section 269ST as being proposed in the budget 2017, makes acceptance of Rs. 3,00,000/- in cash as an offence. There are no caveats like it is applicable only for business receipt etc....

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Relief by Bombay HC for Joint Development Agreement (JDA)

Income Tax - In this very case, the date on which the developer obtained a commencement certificate is not within the accounting year ending 31st March, 1996. At the same time, if one reads the contract as a whole, it is clear that a dichotomy is contemplated between limited Power of Attorney authorising the developer to deal with the property vide pa...

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Ordinance Raj? Not Any More

Income Tax - Apex Judiciary has given a new year gift by pronouncing 2 important judgments, both by constitution bench of 7 members dated January 2, 2017. 1. Re-promulgation of ordinances is invalid and is fraud on constitution 2. A candidate can-not ask for votes in the name of religion, language, caste etc....

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ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More

Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune] - The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing ...

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Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...

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Clash of titans, sec 192 Vs sec 206AA

Rashtriya Ispat Nigam Ltd. Vs Addl CIT (TDS), (ITAT Visakhapatnam) - Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act....

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Can ITAT decide on stay of demand without having quantum appeal before it?

Employees Provident Fund Organization Vs Addl. CIT (T.D.S) - One precedence is there whereby a person aggrieved by the disposal of application for stay of demand can approach ITAT instead of writ to HC. Delhi ITAT has, in the case of Employees’ Provident Fund Vs. Addl. CIT (T.D.S) dated 10.04.2015 has admitted the appeal and has granted a stay on such dema...

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Recent Posts in "CA Yogesh S. Limaye"

ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore)

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More

Formula One…Whats the Game?

You would be aware that, recently Supreme Court upheld the decision of Delhi High Court in the case of Fomrula One that it does have Permanent Establishment [PE] in India....

Read More
Posted Under: Income Tax |

ICDS Permanent Solution to nullify SC Decisions ?

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More
Posted Under: Income Tax |

Sec 269ST– Cash receipt– danger ahead

Section 269ST as being proposed in the budget 2017, makes acceptance of Rs. 3,00,000/- in cash as an offence. There are no caveats like it is applicable only for business receipt etc....

Read More
Posted Under: Income Tax |

Relief by Bombay HC for Joint Development Agreement (JDA)

In this very case, the date on which the developer obtained a commencement certificate is not within the accounting year ending 31st March, 1996. At the same time, if one reads the contract as a whole, it is clear that a dichotomy is contemplated between limited Power of Attorney authorising the developer to deal with the property vide pa...

Read More
Posted Under: Income Tax |

Ordinance Raj? Not Any More

Apex Judiciary has given a new year gift by pronouncing 2 important judgments, both by constitution bench of 7 members dated January 2, 2017. 1. Re-promulgation of ordinances is invalid and is fraud on constitution 2. A candidate can-not ask for votes in the name of religion, language, caste etc....

Read More
Posted Under: Income Tax |

Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune]

The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing Officer has processed the TDS statements...

Read More

What is a Fact!!!

In general, for a CA, the nature of work is Ascertainment of facts and Apply principles Principles = provisions of various laws, auditing standards, accounting standards, rules regulations etc. (principles)....

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Posted Under: Income Tax |

Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata)

The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. Ltd. (Datex)?...

Read More

Understanding Uniform Civil Code

If we require Uniform Civil Code, does this mean India does not have a civil law or India is not a civil society? India is perfectly a civil society. The Constitution of India, 1950 being the highest piece of law. Even parliament cannot change the basic structure of constitution of India. Later, Code of Civil Procedures, 1908, Criminal pr...

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Posted Under: Income Tax |
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